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Compare your loan options in Michigan

If you’re looking for a payday loan in Michigan, here’s what you need to know.

Payday loans can be an option if you need cash to pay for an emergency expense, but you’ll want to make sure you’re getting the best deal. Read our guide on payday loans in Michigan before you take one out to save yourself time and money.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    Are payday loans legal in Michigan?

    Yes, payday lending is legal in Michigan.

    Section 487.2122 of the Michigan Compiled Laws, referred to as the Deferred Presentment Service Transactions Act (Act 244 of 2005), governs the functioning of payday lenders in this state.

    Michigan law caps the maximum you can borrow at $600, and borrowers can have only two outstanding loans at once, either from the same lender or two different lenders. Terms are set at 31 days or less.

    Consider these lenders for a short term loan in Michigan

    Check the websites of any providers you’re interested in to confirm they operate in your state.

    Rates last updated September 25th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    7–30 days
    Generally receive the money the next business day
    CashNetUSA Loan
    Apply for short term loans, installment loans or lines of credit in 30 states typically with a day’s turnaround.
    Varies by state
    Varies by state
    1 business day
    ACE Cash Express Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    Varies by state
    Generally receive the money the next business day
    Check City Payday Loan
    Apply for a fast, secure and confidential payday loan — even with less-than-perfect credit.
    Depends on state of residency
    Varies by state
    Next day
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    Varies by state
    1–2 business days

    Compare up to 4 providers

    How a Michigan short term loan might help you

    Here are some features to keep in mind when you’re making your decision.

    • Bad credit is OK. Short term lenders tend to apply slightly less stringent lending criteria when compared to banks. Instead of looking only at your credit score, they take your existing financial situation and ability to repay into account.
    • Applying is easy. Some Florida payday loan lenders have storefront loans, and others work entirely online, meaning you can apply from anywhere.
    • Get money quickly. In-store applications can be processed the same day so you can see your money within hours. Online applications take 24 hours to process, but the money will be directly deposited into your bank account.
    • Use the money for any purpose. What you choose to do with the money you get is basically up to you. You can use this money to travel, pay bills, repair your car or just to get by during a rough patch.

    There are other options to consider before taking out a loan

    What fees and charges does a payday loan in Michigan comes with?

    Michigan payday loan laws set the maximum fees you may end up paying. The fee structure of payday lending in this state looks like this:

    • Rates and fees. A payday lender can charge a service fee not to exceed 15% of the first $100, 14% of the second $100, 13% of the third $100, 12% of the fourth $100, 11% of the fifth $100 and 11% of the sixth $100.
    • Finance charges. The lender can also charge a database verification fee. The maximum finance charge of a 14-day $100 loan is limited to $15. The maximum APR of a 14-day $100 loan is 390%.
    • Collection fees. A payday lender can charge one $25 NSF fee.
    • Rollover fees. No rollover fees apply in Michigan.

    How to apply for payday loan in Michigan

    One option is to apply by walking into any payday lender’s store and the other is to submit an online application. In both cases, you have to meet these eligibility criteria:

    • You should be at least 18 years old
    • You should be a US citizen or a permanent resident
    • You should have a regular source of income

    To complete your application successfully, prepare to submit some basic information:

    • Your name, date of birth, Social Security number and a valid form of ID
    • Your residential address, email address and phone number
    • Details about your employment and income
    • If you’re applying online, details of your existing checking account

    Where else are payday loans available?

    Have more questions about Michigan payday loans?

    The maximum loan term is 31 days.

    You can borrow up to $600.

    A lender can offer an extension on a payday loan, provided it does not charge any additional fee for the same. Keep in mind this extension can only be for an additional 61, and lenders are not required to grant an extension.

    If you get eight payday loans from any one payday lender in a 12-month period, you have the option to repay the eighth loan and every additional transaction in the given 12-month period through a written repayment plan, subject to terms and conditions.

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    2 Responses

    1. Default Gravatar
      DianeJuly 19, 2017

      I do not have a checking account. I have used a rush card debit account for the past 7 years. I started receiving social security in 2012 and my social security check has always been deposited into this account. Are there any lenders that will consider using a debit account for a payday loan?

      • Staff
        HaroldJuly 19, 2017Staff

        Hi Diane,

        Thank you for your inquiry.

        Yes, there are lenders who also considers debit account. You may want to consider the options here.

        I hope this information has helped.


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    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Get a better installment loan repayment terms up to 36 months, depending on your state.